Tax expert reveals the home improvements that can yield money-saving tax credits for taxpayers.
May 31, 2016 — Frank Ellis, a tax preparation expert and accountant in Traverse City, Michigan, has published an article on maxmoneyzone.org, which focuses on home improvements that can provide taxpayers with important credits. Many people know investing in a home can result in energy savings. Ellis reveals what many don’t know — which is there are tax credits available for improvements that make a home more efficient, reduce the costs of heating and cooling, and make for more comfortable temperatures even though an HVAC system runs less.
The author reveals that many of these projects are costly upfront. Homeowners can, however get some cash back in the form of tax refunds or lower payments. Window insulation, new doors, and roof replacements may qualify one for an energy efficiency credit. Ellis recommends saving all receipts, and reveals what the credit is typically worth, in the article.
In the article, credit claiming restrictions are touched on. One can claim up to $500 in their lifetime, for example. The energy efficiency property credit is another option, and is open to those who have a green home. Houses with solar power, wind turbines, and other modern efficiencies qualify. There are time and equipment cost value limits that are explained in more detail.
To file for the credits, documentation that the work and items installed qualify for the tax credit must be included in each tax return. As long as a home is in the U.S., according to the author, it does not have to be a primary residence. Installations have to occur before December 31, 2016 in order to qualify for a credit. In addition, Ellis runs through some other benefits and reveals IRS Form 5695 as the document for reporting residential energy credits.
To learn more about home improvement tax credits, go to http://maxmoneyzone.org/home-improvement-tax-credits/.
About Frank Ellis
Frank Ellis is a Traverse City Tax Preparation Planner and published author. He has written tax and finance related articles for eight years and has published over 900 articles on leading financial websites.
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